The Lottery is Not the Solution – Lottery Winners Who Have Lost Their Millions

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lottery For some the lottery is their solution to retirement. Others believe it is the only way they will become a millionaire in their lifetime. Winning the lottery is a dream held by far too many people in my opinion. An article posted on MSN Money shows that the reality of winning the lottery is more like a nightmare.

Here is an example of some of the people who lost it all:

Evelyn Adams won the New Jersey lottery two times (1985 and 1986) to the tune of $5.4 million. Today the money is all gone and she now lives in a trailer. “I won the American dream but I lost it too. It was a very hard fall. It’s called rock bottom,” says Adams.

William “Bud” Post won $16.2 million in the Pennsylvania lottery in 1998 but now lives on social security. “I wish it never happened. It was totally a nightmare,” says Post. Within a year after winning the lottery, Post was over $1 million in debt.

Suzanne Mullins $4.2 million in the Virginia lottery in 1993. Now she’s deeply in debt to a company that lent her the money using the winnings as collateral.

Ken Proxmire was a machinist when he won $1 million in the Michigan lottery. He moved to California and went into the car business with his brothers. Within five years, he had filed for bankruptcy.

These are just a few examples of people who have lost all of their lottery winnings within a few years after winning. To read the full article click here.

Winning the lottery will not solve your money problems. In fact, it will probably create more money problems. You must first develop a millionaire mindset before you have your millions. In my next post I will go into detail of why the lottery does not work and some ideas of how you can create a millionaire mindset which will create the starting point to create and keep millions of dollars.

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